FTAI Aviation Ltd - FXDFR PRF PERPETUAL USD 25 - Ser D

Strong Q1 performance & accelerating Aerospace Products growth (core driver of the thesis) - Aerospace Products revenue/EBITDA momentum: top line up 104% YoY and 32% QoQ. - Adjusted EBITDA: $223M in Q1, up 70% YoY and up 14% vs Q4’25 ($195M); EBITDA margin ~30%, attributed to more large-airline mix and more full-performance restoration shop visits. - Production output: refurbished 270 CFM56 modules this quarter (+96% YoY) across 4 facilities; company reiterates 2026 production focus of 1,050 CFM56 modules.

2026 guidance reaffirmed; strong expected cash generation (and higher dividend) - Full-year outlook reiterated: 2026 total business segment adjusted EBITDA = $1.625B - Aerospace Products: $1.05B - Aviation Leasing/Strategic capital: $575M - Cash flow expectation reaffirmed: ~$915M adjusted free cash flow in 2026. - Dividend raised: from $0.40 to $0.45 per share quarterly, paid May 26 to holders of record May 13 (noted as 44th dividend as a public company and 59 consecutive).

Strategic Capital transition to “harvest” + 2026 SPV launch underway (opportunity + timing risk) - 2025 SPV: nearing completion of deployment; by end of Q2’26 it should be fully invested, then shifting to harvest mode with distributions starting thereafter. - Value optimization plan during harvest: active management of maintenance events (airframe + engines) and lease extensions; they see continued desire for airlines to fly current-gen aircraft longer. - 2025 SPV progress: 165 aircraft closed as of end of Q1; after signing some in-process LOIs, future aircraft will move into the 2026 SPV. - Financing strength: increased warehouse debt facility to $3.5B (size; $1B upsized in March, 10 lenders). - 2026 SPV: first close targeted end of Q2, with aircraft acquisition starting in Q3; investment/deployment window 12–15 months.